WHERE ARE THE HOMES?
The inventory of available homes here in Southern Nevada has been hovering around 4,000 for many months now. Buyers are wondering where all the homes are so they can buy again. The theory is that the “banks” are sitting on a lot of homes and they are going to release them soon. My colleagues and I don’t believe the banks will release a lot of Vegas houses here. We don’t believe they have as many as some think and that even if they do, they won’t bring them all to market. The “banks” will not want to drive prices down, so they will either sell the homes in bulk to large investors who will then repair and sell the homes or the banks will release the homes slowly and let the MLS get them full price.
We have sold 40% of our entire inventory of homes in the last 4 years. Many of those sales were REO and short sale. That means we are well beyond the halfway point of getting our market corrected. That also means we should continue to see our prices go up as they have in the last 12 months. I know it’s hard to find a home as a buyer now, but if you do, take it! It will likely cost more later. I hope we don’t see prices shoot up too quickly, but I am very happy to see prices heading in the right direction.